An exciting proposal for a $150m “movie museum” and conference centre opposite Te Papa in Wellington. MHP manages two properties close to the proposed site: the TradeMe building and Clyde Quay. Read the full article at the link below.
14 Show Place, Christchurch (managed by MHP) is the first building in New Zealand to achieve a 5 star NABERSNZ whole building rating.
The sustainability focused refurbishment project encompassed over 7,000m2 office space across 6 floors over two adjoining buildings, and was prompted by earthquake remediation work and a pending lease expiry.
Full story here: http://www.nzgbc.org.nz/Story?Action=View&Story_id=151
Finally the Christchurch CBD rebuild seems to be really gathering pace. The new Vodafone and Kathmandu buildings (which MHP is proud to manage) have breathed life into the Innovation Precinct and there is now a real buzz in that part of the CBD with good numbers of workers and shoppers. Along Cambridge Terrace, the King Edward Barracks project is quickly rising alongside the PWC building in the reborn “West End” precinct. The recent announcement of firm plans for the Convention Centre will hopefully be a catalyst for the revitalisation of the Cathedral Square surrounds. Now all we need is a decision on Christ Church Cathedral…
Happy reading and please let us know your feedback and comments; either by email, phone or on our new LinkedIn page.
The commercial market is still buoyant. Cap rates are still firming in Auckland so that prime property is now into the 5 percents. Provincial markets are now taking advantage of demand.
Surveys show the leading markets are Tauranga and Queenstown – Auckland and Christchurch have slipped back.
Interest rates are still looking to slide but we see banks increasing margins and becoming more choosy as to what they lend on. This is typical of this part of the property cycle – with the market hot and quality properties hard to find – and not a lot of yield difference between really good and average.
Lately we have completed a number of smaller syndications (less than $10 million). We have a couple of smaller ones in the pipeline as well as several larger projects.
We intend to start holding more seminars and property tours. We would be interested to hear whether you would like to be a part of these – please email owillows@mitchellmackersy.co.nz.
It looks like winter has finally arrived after a very mild May and June. Over this time, we have been busy integrating some major new buildings into our management portfolio.
Among these new portfolio additions are the Vodafone and Kathmandu buildings in the Christchurch Innovation Precinct. These buildings are very significant for MHP as well as for Christchurch as a whole. They have transformed an empty corner of the city into a living and breathing precinct where life is buzzing once again.
The 8884m2 Vodafone building will be formally opened in the near future, and the 4601m2 Kathmandu building is now home to office workers and a big, bright new retail store. We are very proud to manage both these buildings.
The other significant addition to our management portfolio, Five Mile in Queenstown, is also now on board. Five Mile is one of the key projects in the Frankton Flats area. Huge growth is underway at Frankton Flats, with major commercial, residential and infrastructure projects being developed in response to very strong demand.
Over the other side of Queenstown Airport, we are refurbishing the former Mitre 10 building at Remarkables Park. This property will house Harvey Norman Computer and Electrical and a French bakery, with two further tenancies also being offered for lease by Colliers International. The $2m refurbishment project is now underway.
Four Countdown supermarkets in the North Island, known as MM Group 2, are also being integrated into the portfolio.
Two older buildings in our portfolio – one in Auckland and the other in Christchurch – have sold, with a number of the investors in these syndicates reinvesting into other properties.
Annual accounts are being processed for all properties and should be in the hands of investors over the next four to eight weeks.
Please feel free to contact me or the team if you have any questions about our management portfolio – we look forward to hearing from you.
We now have a LinkedIn company page at http://linkedin.com/company/mhp. We are using this page as a forum to share the latest updates about MHP, news about tenants in our management portfolio and other relevant links. We encourage you to visit the page, follow it and contribute to the discussions.
The Queenstown property market is in a ‘golden cycle’ according to Colliers International. The company has recently released its 2016 annual market Review and Outlook which shows the already red-hot Queenstown property market is approaching historic highs. Expansion is expected to continue for the foreseeable future, due to strong fundamentals underpinning the current bull market. These fundamentals, which include increased tourist numbers and migration have resulted in an “unprecedented” real estate boom.
The report also includes sections on Dunedin and Wanaka and is available to download on the Colliers website.
Experience? Cash? Skill? Nerves of steel? The Press recently looked at what it takes to get a successful private property development off the ground in central Christchurch, in an interesting feature story.
Julie Elliott
Julie joined MHP in March 2016 as Financial Controller, responsible for the company’s finance and systems.
Professionally trained in the UK, Julie has many years’ accountancy experience in a broad range of business structures and sectors.
Having worked in a number of businesses during periods of growth, she has sourced, implemented and managed various systems and process to facilitate business needs.
Julie is based in our Christchurch office.
A compact city centre for Tauranga would be positive for the central business district. The newly constructed Trust Power HQ in central Tauranga was recently acquired by Mitchell Mackersy and is now managed by MHP. Read the NZ Herald article here: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11675349
Queenstown is one of New Zealand’s most rapidly expanding retail markets, and the rise doesn’t look set to slow down anytime soon. The area surrounding Queenstown Airport, the Frankton Flats, has been a hotspot for developers in the last 15 years and development is only getting bigger.
Constraints within the industrial property sector are leading to further decreases in vacancy, increases in rents and yields firming to new record lows, say Colliers researchers in the company’s latest Industrial Research Report.
Download the report here: http://www.colliers.co.nz/find%20research/industrial/industrial%20research%20report%202016/
More good news about tenants in MHP’s management portfolio… Chow Group own Stonewood Homes who are tenants in buildings we manage in Christchurch and Dunedin.
Looks like Christchurch will finally get its convention centre, although it will be a significantly scaled-back version of the original proposals. Read the full article on Stuff here:
http://www.stuff.co.nz/business/81581654/crown-to-go-it-alone-on-christchurch-convention-centre
The upcoming sale of City Care (a tenant in MHP’s management portfolio in Dunedin) is not expected to impact the company’s excellent tenant covenant.
The McKenzie and Willis site development is located opposite the new Vodafone and Kathmandu buildings which are managed by MHP. Let us know what you think about the proposal to include 55 shops in this location within Christchurch’s Innovation Precinct.